The sale of a home is driven by a variety of factors. For some sellers, it could be the natural progression of life. While other sellers are forced to sell their property because of circumstances. No matter the reasons, selling a home can be hard both physically, emotionally, and mentally. It marks a significant change in your life, an end of a chapter and the start of a new one. Unsure of whether you should move on or stay? The following are 6 signs it’s time to sell your home.
6 signs it’s time to sell your home
1. Your local real estate market is hot
If houses in your neighbourhood are flying off the shelves, and they are commanding prices above the listing prices, there is a temptation to cash in on the local boom. A good return on investment on your current house could help you pay off debt, fund your children’s education, or allow you to retire sooner.
2. You have outgrown your home
One of the biggest signs that it’s time to sell your home is if you just can’t see yourself living in that size of a space for much longer. If you’ve had children or your lifestyle has changed a lot since you bought the house you’ve likely outgrown the space, and upgrading to a bigger home would surely up your quality of life.
3. You want to upsize or downsize
Whether your family is growing or simply growing up, it might be a cause to sell your home. There may be a baby on the way with the need for a new bedroom. Your in-laws might be moving in. Or, you may just need more room for entertaining those teenagers and all that comes with them.
4. Your financial situation has changed
This could be for better or for worse. Whether your income has increased (or decreased), your lifestyle may need an adjustment. A recent promotion or inheritance may allow you to move into a nicer home or a more sought-after neighbourhood.
5. You don’t want to deal with maintenance
Perhaps you don’t necessarily want to sell your home to buy a new one and instead want to be done with homeownership altogether and go back to renting. That’s cool too. Being a homeowner is a lot of work. Perhaps you and your family no longer want to deal with the responsibilities of maintaining the home, which require time, energy, and money. Or, you can also sell your current home and buy one that requires less maintenance.
6. You’ve built-up equity
Equity is a big thing to take into account when deciding to sell your house. It’s recommended that you live in your house for at least five years before selling it to ensure you’ve built up enough equity. If you sell too soon, you may end up losing money because of all the selling costs. Selling too soon may also worry potential buyers that there is something wrong with the home. So if you’ve hit that five-year mark, that’s another good sign that it’s time to sell.